Finance Minister Dr Cassiel Ato Forson has commended Perseus Mining (Ghana) Limited for presenting a GH¢391.195 million dividend, equivalent to approximately US$35 million, to the Government of Ghana.
The payment represents a significant increase compared with the US$5 million dividend paid to the state in the previous year, highlighting the improved financial performance of the mining company.
Ato Forson Welcomes Increase in Mining Revenue
In a post shared on his official Facebook page, Dr Cassiel Ato Forson expressed appreciation to Perseus Mining on behalf of the Government and people of Ghana.
The Finance Minister attributed the sharp increase in the dividend to the company’s stronger profitability.
The latest payment means Ghana’s dividend income from Perseus Mining has increased sevenfold, rising from US$5 million to US$35 million within a year.
Government Wants Ghana to Benefit More from Gold Mining
Dr Ato Forson used the announcement to reaffirm the government’s position that Ghana must receive a fairer share of revenue generated from the country’s natural resources.
According to the Finance Minister, this principle informed the government’s decision to introduce a sliding-scale system for the mining sector.
Under the system, the state’s share of mining proceeds increases when mining companies record higher earnings.
Dr Forson explained that when mining companies benefit from stronger profitability, the people of Ghana should also receive greater economic benefits.
Strong Gold Prices Boost Mining Industry Earnings
Perseus Mining operates in Ghana’s gold mining industry, and dividend payments to the state form part of the financial returns Ghana receives from its interests in mining companies operating in the country.
The substantial increase in Perseus Mining’s dividend comes amid strong global gold prices, which have boosted revenues and profitability across the international gold mining industry.
As a major gold-producing country, Ghana continues to rely heavily on the mining sector for export earnings, government revenue, employment and economic activity.
Mahama Government Pushes for Higher Mining Revenue
The latest development forms part of the broader efforts by the Mahama government to increase state revenue from Ghana’s extractive sector.
Mining sector reforms and strategies to ensure greater fiscal returns from the country’s natural resources have featured prominently in recent government economic discussions and budget proposals.
Dr Ato Forson has repeatedly maintained that Ghana, as one of the world’s major gold producers, should obtain greater fiscal benefits from the mining industry, particularly during periods when international gold prices and mining company profits are high.
The GH¢391 million dividend from Perseus Mining therefore represents a significant boost to government revenue and strengthens calls for increased economic benefits from Ghana’s gold and mineral resources.
Source: newsthemegh.com